Bob and Geri Quinn

The month of April has been a big month in the Cape Coral condo market for the past several years. In fact, the all-time single month record high for the number of closed condo sales in the Cape occurred back in April 2021 with 132 closed sales. The peak month for condo sales in 2022, despite a sharp 30 % decline from 2021, was also in April with 92 closed sales.

However, the “season” appears to have ended a bit earlier this year as there were only 49 condo sales posted in the Cape this April, likely shifting the peak month for condo sales in 2023 into the month of March with 74 closed sales. Clearly, the condo market has slowed down and leveled off in a much needed pause. As you look at the condo market numbers below, we would point out both the change in the market dynamics and the growing divergence between the number of listings and list prices versus the number of pending sales and pending sales prices, along with the number of closed sales and median sales prices. These numbers seem to be indicating a continued softening in our condo market.

As of Tuesday, May 30, there were a total of 252 active listings for Cape Coral condos through a Realtor in the Multiple Listing Service at prices ranging from $135,000 to $3.9 million. The median list price for Cape condos came in at $320,000 and there were a total of 52 units available at $250,000 and under, including 15 units priced below $200,000.

At the other end of the price spectrum, there were 62 condos in the Cape at list prices of $500,000 and up, with 18 of these units priced at $1 million and above. This compares to a month ago on April 25, when there were 230 active condo listings in the Cape with a median list price of $314,950. Going back to Jan. 5 of this year, there were 171 active condo listings in the Cape at prices ranging from $176,100 to $1.9 million, with the median list price also at $320,000. At that time, there were 35 condo units listed at $250,000 and under, including only 8 condos priced below $200,000 and 23 condos priced above $500,000 with 7 of these listed above $1 million. About one year ago on June 7, 2022, there were only 105 active listings for condos in the Cape through the MLS at prices ranging from $159,000 to $1.7 million, with the median list price at $315,000.

There are currently 78 pending condo sales in the Cape (as of May 30) at prices ranging from $159,900 to $649,000 with a median pending sales price of $297,000. This includes 23 units under contract at $250,000 and under, and a total of 49 condos or 62.8% of the pending condo sales in the Cape priced at $325,000 and under. At the higher end of our market, there were only 3 condos under contract with a buyer at $599,000 to $649,900. A month ago on April 25, there were 86 pending condo sales in the Cape at prices ranging from $169,500 to $725,000 with the median pending sales price at $300,000. On Jan. 5 of this year, there were 54 pending condo sales ranging from $150,000 to $2.195 million, and on June 7, 2022, there were 75 Cape Coral condos under contract as pending sales. Two years ago on June 9, 2021, there were 127 pending condo sales in the pipeline with only 50 active condo listings through a Realtor in the Cape priced from $95,000 to $1.025 million.

In the overall Cape condo market, there were 49 closed sales in the month of April, which was 46.7% lower than the 92 closed condo sales in April 2022, and 33.8% below the 74 sales in March of this year. In the first four months of 2023, there were a total of 194 condos sold overall in the Cape, which was down 29.5% from the 275 condo units sold in the first four months of 2022, and down from 373 sales through April of 2021.

he April median sales price came in at $310,000 for the overall Cape Coral condo market, which was 12.7% above the $275,000 posted in April 2022, and 5.1% higher than the $295,000 in March of this year. In the first four months of 2023, the median sales price averaged $282,500 per month in our overall condo market, or 3.4% above the average of $273,188 per month in the first four months of 2022, and up from $199,600 in 2021.

Gulf access canal condos

The Cape Coral gulf access canal condo segment, which includes all “saltwater” canal condos, had 30 closed sales in April. This was down 23.1% from 39 sales in April of 2022, and 6.3% below the 32 sales in March of this year. In the first four months of 2023, there were a total of 94 saltwater condos sold in the Cape, down 27.7% from 130 units sold in the first four months of 2022, and down from 172 sales through April 2021.

he April median sales price was $340,361 for the Cape’s saltwater canal condo segment, down 2.8% from $350,000 in April 2022, but up 0.62% from $338,250 in March of this year. In the first four months of 2023, the median sales price in this segment averaged $342,140 per month, up 6.7% versus the average of $320,625 per month in the first four months of 2022, and up from $228,063 through April of 2021.

Direct sailboat access canal condos

In the Cape Coral direct sailboat access canal condo segment, which is a subgroup of gulf access condos where boaters have no bridges to go under in the canal system, there were 21 closed sales in April. This was down 25% from 28 condos sold in April 2022, but 5% above the 20 sold in March of this year. In the first four months of 2023, there were a total of 55 condos sold in this segment, down 32.9% from 82 sailboat access condo units sold in the first four months of 2022, and down from 93 sales through April of 2021.

The April median sales price came in at $372,500 for the Cape’s direct sailboat access condo segment, up 6.4% from $350,000 in April 2022, but down 15.3% from $440,000 in March of this year. In the first four months of 2023, the median sales price in this segment averaged $384,375 per month, up 8.1% versus the average of $355,488 per month in the first four months of 2022, and up from $279,300 through April 2021.

Dry lot condos

In the Cape Coral dry lot (non-canal) condo segment, there were 17 closed sales in April, which was 64.6% lower than the 48 condos sold in April 2022, and 50% below the 34 sales in March of this year. In the first four months of 2023, there were a total of 81 dry lot condos sold in the Cape, which was 33.6% less than the 122 dry lot condo units sold in the first four months of 2022, and down from 160 sales in April 2021.

he April median sales price came in at $250,000 for the Cape’s dry lot condo segment, which was 0.8% below the $252,000 posted in April 2022, and 5.1% less than the $263,500 in March of this year. In the first four months of 2023, the median sales price in this segment averaged $241,625 per month, or 7% above the average of $225,781 per month in the first four months of 2022, and up from $154,736 in April 2021.

The sales data for this article was obtained from the Florida Realtors Multiple Listing Service Matrix for Lee County, Fla., as of May 29, 2023, unless otherwise noted. It was compiled by Bob and Geri Quinn and it includes information specifically for Cape Coral condominiums, townhouses and villas, and it does not include any single-family homes, short sales or foreclosures. The data and statistics are believed to be reliable, however, they could be updated and revised periodically, and are subject to change without notice. The Quinns are a husband and wife real estate team with the RE/MAX Realty Team office in Cape Coral. They have lived in Cape Coral for over 43 years. Geri has been a full-time Realtor since 2005, and Bob joined Geri as a full-time Realtor in 2014. Their real estate practice is mainly focused on Cape Coral residential property and vacant lots.